Condensed Consolidated Statements of Comprehensive Income

Item 1. Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets

Notes to Condensed Consolidated Financial Statements

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the quarterly period ended February 28, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from ______ to ______

Commission File No. 1-13146

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)


Oregon	93-0816972
(State of Incorporation)	(I.R.S. Employer Identification No.)
One Centerpointe Drive, Suite 200, Lake Oswego, OR	97035
(Address of principal executive offices)	(Zip Code)

(503) 684-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock without par value	GBX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of the registrant’s common stock, without par value, outstanding on April 1, 2026 was 30,938,594 shares.

FORM 10-Q

Table of Contents


		Page
	Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
Item 1.	Condensed Consolidated Financial Statements	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Income	5
	Condensed Consolidated Statements of Comprehensive Income	6
	Condensed Consolidated Statements of Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
	Signatures	47

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included in this report, concerning our plans, objectives, goals, strategies, future events, future performance, financing needs, backlog, capital expenditures, plans or intentions relating to business trends and other information referred to under "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements. We use words such as “affect,” “anticipate,” “assume,” “backlog,” “be,” “believe,” “can,” “contingent,” “conclude,” “continue,” “could,” “due to,” “estimate,” “expect,” “forecast,” “future,” “impact,” “intend,” “likely,” “may,” “opinion,” “optimize,” “plan,” “potential,” “schedule,” “target,” “trend,” “realize,” “result,” “seek,” “strategy,” “will,” “would,” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance.

Forward-looking statements are based on our current expectations and beliefs and on currently available operating, financial and market information and are subject to various risks and uncertainties, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations and beliefs are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations or beliefs will result or be achieved and actual future results and trends may differ materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this report. Such risks, uncertainties and important factors include but are not limited to those described in more detail in Part I Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K which are incorporated herein by reference. You should evaluate all forward-looking statements made in this report in the context of these risks, uncertainties and factors. You are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s opinions only as of the date hereof. Except as otherwise required by law, we do not assume any obligation to update any forward-looking statements.

PART I. FINANCIAL INFORMATION

(In millions, except number of shares which are reflected in thousands, unaudited)


	February 28, 2026			August 31, 2025
Assets
Cash and cash equivalents	$	521.8		$	306.1
Restricted cash		41.2			20.3
Accounts receivable, net		463.5			526.4
Income tax receivable		12.3			44.9
Inventories		621.1			688.3
Leased railcars for syndication		194.7			225.9
Equipment on operating leases, net		1,295.4			1,328.5
Property, plant and equipment, net		719.3			726.7
Investment in unconsolidated affiliates		90.8			99.3
Intangibles and other assets, net		249.3			264.2
Goodwill		130.3			130.0
	$	4,339.7		$	4,360.6
Liabilities and Equity
Accounts payable and accrued liabilities	$	580.5		$	651.7
Debt, net
Recourse		720.5			771.2
Non-recourse		1,042.2			979.7
		1,762.7			1,750.9
Deferred income taxes		174.8			180.2
Deferred revenue		68.6			44.3

Commitments and contingencies (Note 13)

Contingently redeemable noncontrolling interest		33.0			35.8

Equity
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding		—			—
Common stock - without par value; 50,000 shares authorized; 30,939 and 30,873 shares outstanding at February 28, 2026 and August 31, 2025		—			—
Additional paid-in capital		352.3			364.7
Retained earnings		1,230.0			1,199.0
Accumulated other comprehensive loss		(17.7	)		(31.2	)
Total equity – Greenbrier		1,564.6			1,532.5
Noncontrolling interest		155.5			165.2
Total equity		1,720.1			1,697.7
	$	4,339.7		$	4,360.6

The accompanying notes are an integral part of these financial statements

Condensed Consolidated Statements of Income

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)


	Three months ended February 28,						Six months ended February 28,
	2026			2025			2026			2025
Revenue
Manufacturing	$	541.5		$	712.9		$	1,198.5		$	1,543.8
Leasing & Fleet Management		46.0			49.2			95.1			94.2
		587.5			762.1			1,293.6			1,638.0
Cost of revenue
Manufacturing		500.4			606.2			1,085.3			1,291.6
Leasing & Fleet Management		17.6			17.3			35.5			34.2
		518.0			623.5			1,120.8			1,325.8
Margin		69.5			138.6			172.8			312.2
Selling and administrative expense		57.4			64.6			117.3			126.6
Net gain on disposition of equipment		(13.0	)		(9.6	)		(30.7	)		(9.8	)
Earnings from operations		25.1			83.6			86.2			195.4
Interest and foreign exchange		13.7			21.7			29.2			45.1
Earnings before income tax and earnings from unconsolidated affiliates		11.4			61.9			57.0			150.3
Income tax expense		(1.7	)		(20.0	)		(14.0	)		(53.4	)
Earnings before earnings from unconsolidated affiliates		9.7			41.9			43.0			96.9
Earnings from unconsolidated affiliates		4.2			4.3			8.2			8.4
Net earnings		13.9			46.2			51.2			105.3
Net loss attributable to noncontrolling interest		1.1			5.7			0.2			1.9
Net earnings attributable to Greenbrier	$	15.0		$	51.9		$	51.4		$	107.2
Basic earnings per common share	$	0.48		$	1.66		$	1.66		$	3.42
Diluted earnings per common share	$	0.47		$	1.56		$	1.62		$	3.28
Weighted average common shares
Basic		30,917			31,376			30,935			31,311
Diluted		31,733			33,228			31,799			32,745

The accompanying notes are an integral part of these financial statements

(In millions, unaudited)


	Three months ended February 28,						Six months ended February 28,
	2026			2025			2026			2025
Net earnings	$	13.9		$	46.2		$	51.2		$	105.3

Other comprehensive income (loss)
Translation adjustment		8.5			0.1			9.5			(11.2	)
Reclassification of derivative financial instruments recognized in net earnings 1		(3.2	)		(3.4	)		(5.7	)		(6.9	)
Unrealized gain on derivative financial instruments 2		7.3			3.7			10.2			10.9
Other (net of tax effect)		(0.4	)		0.4			(0.5	)		0.4
		12.2			0.8			13.5			(6.8	)
Comprehensive income		26.1			47.0			64.7			98.5
Comprehensive loss attributable to noncontrolling interest		1.1			5.7			0.2			1.9
Comprehensive income attributable to Greenbrier	$	27.2		$	52.7		$	64.9		$	100.4

1 Net of tax effect of $1.0 million and $0.8 million for the three months ended February 28, 2026 and 2025, respectively, and $1.5 million and $1.7 million for the six months ended February 28, 2026 and 2025, respectively.

2 Net of tax effect of $(2.1) million and $(2.0) million for the three months ended February 28, 2026 and 2025, respectively, and $(2.9) million and $(4.0) million for the six months ended February 28, 2026 and 2025, respectively.

The accompanying notes are an integral part of these financial statements

Condensed Consolidated Statements of Equity

(In millions, except per share amounts, unaudited)


	Attributable to Greenbrier
	Common Stock Shares		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Equity - Greenbrier			Noncontrolling Interest			Total Equity			Contingently Redeemable Noncontrolling Interest
Balance November 30, 2025		30.9	$	346.9		$	1,225.2		$	(29.9	)	$	1,542.2		$	158.8		$	1,701.0		$	34.5
Net earnings		—		—			15.0			—			15.0			0.4			15.4			(1.5	)
Other comprehensive income, net		—		—			—			12.2			12.2			—			12.2			—
Noncontrolling interest adjustments		—		—			—			—			—			(2.5	)		(2.5	)		—
Joint venture partner distribution declared		—		—			—			—			—			(1.2	)		(1.2	)		—
Restricted stock awards (net of cancellations)		—		1.3			—			—			1.3			—			1.3			—
Unamortized restricted stock		—		(1.4	)		—			—			(1.4	)		—			(1.4	)		—
Stock based compensation expense		—		5.9			—			—			5.9			—			5.9			—
Repurchase of stock		—		(0.4	)		—			—			(0.4	)		—			(0.4	)		—
Cash dividends ($0.32 per share)		—		—			(10.2	)		—			(10.2	)		—			(10.2	)		—
Balance February 28, 2026		30.9	$	352.3		$	1,230.0		$	(17.7	)	$	1,564.6		$	155.5		$	1,720.1		$	33.0


	Attributable to Greenbrier
	Common Stock Shares			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Equity - Greenbrier			Noncontrolling Interest			Total Equity			Contingently Redeemable Noncontrolling Interest
Balance August 31, 2025		30.9		$	364.7		$	1,199.0		$	(31.2	)	$	1,532.5		$	165.2		$	1,697.7		$	35.8
Net earnings		—			—			51.4			—			51.4			2.6			54.0			(2.8	)
Other comprehensive income, net		—			—			—			13.5			13.5			—			13.5			—
Noncontrolling interest adjustments		—			—			—			—			—			(4.4	)		(4.4	)		—
Joint venture partner distribution declared		—			—			—			—			—			(7.9	)		(7.9	)		—
Restricted stock awards (net of cancellations)		0.3			9.3			—			—			9.3			—			9.3			—
Unamortized restricted stock		—			(17.8	)		—			—			(17.8	)		—			(17.8	)		—
Stock based compensation expense		—			9.4			—			—			9.4			—			9.4			—
Repurchase of stock		(0.3	)		(13.3	)		—			—			(13.3	)		—			(13.3	)		—
Cash dividends ($0.64 per share)		—			—			(20.4	)		—			(20.4	)		—			(20.4	)		—
Balance February 28, 2026		30.9		$	352.3		$	1,230.0		$	(17.7	)	$	1,564.6		$	155.5		$	1,720.1		$	33.0


	Attributable to Greenbrier
	Common Stock Shares		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Equity - Greenbrier			Noncontrolling Interest			Total Equity			Contingently Redeemable Noncontrolling Interest
Balance November 30, 2024		31.4	$	373.8		$	1,080.5		$	(41.6	)	$	1,412.7		$	162.3		$	1,575.0		$	43.1
Net earnings		—		—			51.9			—			51.9			(3.8	)		48.1			(1.9	)
Other comprehensive income, net		—		—			—			0.8			0.8			—			0.8			—
Noncontrolling interest adjustments		—		—			—			—			—			3.5			3.5			—
Joint venture partner distribution declared		—		—			—			—			—			(1.7	)		(1.7	)		—
Restricted stock awards (net of cancellations)		—		1.3			—			—			1.3			—			1.3			—
Unamortized restricted stock		—		(1.3	)		—			—			(1.3	)		—			(1.3	)		—
Stock based compensation expense		—		4.5			—			—			4.5			—			4.5			—
Cash dividends ($0.30 per share)		—		—			(9.7	)		—			(9.7	)		—			(9.7	)		—
Balance February 28, 2025		31.4	$	378.3		$	1,122.7		$	(40.8	)	$	1,460.2		$	160.3		$	1,620.5		$	41.2


	Attributable to Greenbrier
	Common Stock Shares		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Equity - Greenbrier			Noncontrolling Interest			Total Equity			Contingently Redeemable Noncontrolling Interest
Balance August 31, 2024		31.1	$	375.1		$	1,035.0		$	(34.0	)	$	1,376.1		$	160.5		$	1,536.6		$	41.7
Net earnings		—		—			107.2			—			107.2			(1.4	)		105.8			(0.5	)
Other comprehensive loss, net		—		—			—			(6.8	)		(6.8	)		—			(6.8	)		—
Noncontrolling interest adjustments		—		—			—			—			—			7.9			7.9			—
Joint venture partner distribution declared		—		—			—			—			—			(6.7	)		(6.7	)		—
Restricted stock awards (net of cancellations)		0.3		12.6			—			—			12.6			—			12.6			—
Unamortized restricted stock		—		(18.1	)		—			—			(18.1	)		—			(18.1	)		—
Stock based compensation expense		—		8.7			—			—			8.7			—			8.7			—
Cash dividends ($0.60 per share)		—		—			(19.5	)		—			(19.5	)		—			(19.5	)		—
Balance February 28, 2025		31.4	$	378.3		$	1,122.7		$	(40.8	)	$	1,460.2		$	160.3		$	1,620.5		$	41.2

The accompanying notes are an integral part of these financial statements

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)


	Six months ended February 28,
	2026			2025
Cash flows from operating activities
Net earnings	$	51.2		$	105.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes		6.4			13.4
Depreciation and amortization		64.0			59.6
Net gain on disposition of equipment		(30.7	)		(9.8	)
Stock based compensation expense		9.4			8.7
Earnings from unconsolidated affiliates		(8.2	)		(8.4	)
Noncontrolling interest adjustments		(4.4	)		7.9
Other		(4.3	)		1.6
Decrease (increase) in assets:
Accounts receivable, net		53.0			(17.7	)
Income tax receivable		32.6			13.7
Inventories		42.1			49.0
Leased railcars for syndication		49.9			(146.4	)
Other assets		16.0			8.5
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		(66.2	)		(34.8	)
Deferred revenue		24.1			(22.1	)
Net cash provided by operating activities		234.9			28.5
Cash flows from investing activities
Proceeds from sales of assets		122.2			55.6
Capital expenditures		(87.6	)		(126.4	)
Other		(3.5	)		5.8
Net cash provided by (used in) investing activities		31.1			(65.0	)
Cash flows from financing activities
Net change in debt with maturities of 90 days or less		(5.0	)		11.9
Proceeds from debt with maturities longer than 90 days		435.6			46.2
Repayments of debt with maturities longer than 90 days		(416.2	)		(56.8	)
Debt issuance costs		(5.4	)		(1.0	)
Repurchase of stock		(13.3	)		—
Dividends		(21.5	)		(19.8	)
Cash distribution to joint venture partner		(7.9	)		(6.7	)
Tax payments for net share settlement of restricted stock		(8.5	)		(5.5	)
Net cash used in financing activities		(42.2	)		(31.7	)
Effect of exchange rate changes		12.8			1.5
Increase (decrease) in Cash and cash equivalents and Restricted cash		236.6			(66.7	)
Cash and cash equivalents and Restricted cash
Beginning of period		326.4			368.6
End of period	$	563.0		$	301.9
Balance sheet reconciliation
Cash and cash equivalents	$	521.8		$	263.5
Restricted cash		41.2			38.4
Total Cash and cash equivalents and Restricted cash as presented above	$	563.0		$	301.9
Cash paid during the period for
Interest	$	39.3		$	36.8
Income taxes (received) paid, net	$	(20.3	)	$	15.8
Non-cash activity
Transfers from Leased railcars for syndication and Inventories to Equipment on operating leases, net	$	27.6		$	42.5
Capital expenditures accrued in Accounts payable and accrued liabilities	$	4.7		$	5.4
Change in Accounts payable and accrued liabilities associated with dividends declared	$	1.1		$	0.3

The accompanying notes are an integral part of these financial statements

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

(Unaudited)

Note 1 – Interim Financial Statements

The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries as of February 28, 2026 and for the three and six months ended February 28, 2026 and February 28, 2025 have been prepared to reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. References in this Quarterly Report on Form 10-Q to the “Company,” “Greenbrier,” “we,” “us” and “our” refer to The Greenbrier Companies, Inc. and, where appropriate, its subsidiaries. All references to years refer to the fiscal years ended August 31st unless otherwise noted. The results of operations for the three and six months ended February 28, 2026 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2026.

Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these unaudited financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended August 31, 2025.

Effective September 1, 2025, the Company changed its measurement basis for allocating revenue and expenses associated with syndication activity between the Manufacturing and Leasing & Fleet Management reportable segments. This change reflects the information currently provided to the Company’s chief operating decision maker (CODM) to assess performance and allocate resources and had no impact on the Company’s consolidated results of operations or financial position. Prior period segment results have been recast to conform to the current period presentation. See Note 11 – Segment Information to the Condensed Consolidated Financial Statements for additional information on the Company’s reportable segments.

Management Estimates – The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in the U.S. requires judgment on the part of management to arrive at estimates and assumptions on matters that are inherently uncertain. These estimates may affect the amount of assets, liabilities, revenue and expenses reported in the financial statements and accompanying notes and disclosure of contingent assets and liabilities within the financial statements. Estimates and assumptions are periodically evaluated and may be adjusted in future periods. Actual results could differ from those estimates.

Share Repurchase Program – The Board of Directors has authorized the Company to repurchase in aggregate up to $100.0 million of the Company’s common stock. The program may be modified, suspended, or discontinued at any time without prior notice and currently has an expiration date of January 31, 2027. Under the share repurchase program, shares of common stock may be purchased from time to time on the open market or through privately negotiated transactions. The timing and amount of purchases is based upon market conditions, securities law limitations and other factors.

During the three and six months ended February 28, 2026, the Company repurchased a total of 10 thousand and 313 thousand shares for $0.4 million and $13.3 million, respectively, which were repurchased under the current authorization of the share repurchase plan. There were no share repurchases during the three and six months ended February 28, 2025. As of February 28, 2026, the amount remaining for repurchase under the share repurchase program was $64.5 million.

Reclassifications - Certain immaterial reclassifications have been made to the accompanying prior year Condensed Consolidated Financial Statements to conform to the current year presentation.

Recent Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal

years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2023-09 will have on its consolidated financial statement disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of incremental income statement expense information on an annual and interim basis, primarily through enhanced disclosures of specified expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statement disclosures.

Note 2 – Revenue Recognition

The following table presents the Company's revenue disaggregated by category:


	Three months ended February 28,				Six months ended February 28,
(in millions)	2026		2025		2026		2025
Manufacturing:
Railcar sales	$	456.6	$	622.9	$	1,023.2	$	1,350.9
Railcar maintenance		84.9		90.0		175.3		192.9
		541.5		712.9		1,198.5		1,543.8
Leasing & Fleet Management		46.0		49.2		95.1		94.2
	$	587.5	$	762.1	$	1,293.6	$	1,638.0

Contract balances

Contract assets primarily consist of work completed for railcar maintenance but not billed at the reporting date. Contract liabilities primarily consist of customer prepayments for new railcars and other management-type services, for which the Company has not yet satisfied the related performance obligations.

The contract balances are as follows:


(in millions)	Balance sheet classification	February 28, 2026		August 31, 2025		$ Change
Contract assets	Accounts receivable, net	$	4.5	$	5.9	$	(1.4	)
Contract assets	Inventories	$	8.9	$	9.4	$	(0.5	)
Contract liabilities (1)	Deferred revenue	$	30.1	$	40.1	$	(10.0	)

(1) Contract liabilities balance includes deferred revenue within the scope of Revenue from Contracts with Customers (Topic 606).

For the three and six months ended February 28, 2026, the Company recognized $4.0 million and $24.2 million, respectively, of revenue that was included in Contract liabilities as of August 31, 2025.

Performance obligations

The Company has entered into contracts with customers for which revenue has not yet been recognized as of February 28, 2026. The following table outlines estimated revenue related to performance obligations wholly or partially unsatisfied, that the Company anticipates will be recognized in future periods.


(in millions)	February 28, 2026
Manufacturing:
Railcar sales	$	1,201.2
Railcar maintenance	$	43.5
Leasing & Fleet Management:
Fleet management	$	144.2

Based on current production and delivery schedules and existing contracts, approximately $556.0 million of Railcar sales performance obligations are expected to be recognized through 2026 while the remaining amount is expected to be recognized in 2027 and beyond. Approximately $41.8 million of Railcar maintenance performance obligations are expected to be recognized in 2026 while the remaining amount is expected to be recognized in 2027. Fleet management performance obligations include management and maintenance service contracts of which approximately $90.4 million is expected to be recognized through 2030 and the remaining amount is expected to be recognized through 2037.

Note 3 – Inventories

The following table summarizes the Company’s Inventories balances:


(in millions)	February 28, 2026			August 31, 2025
Manufacturing supplies and raw materials	$	400.1		$	439.4
Work-in-process		127.1			158.9
Finished goods		102.4			97.7
Excess and obsolete adjustment		(8.5	)		(7.7	)
	$	621.1		$	688.3

Note 4 – Intangibles and Other Assets, net

The following table summarizes the Company’s identifiable Intangibles and other assets, net balances:


(in millions)	February 28, 2026			August 31, 2025
Intangible assets subject to amortization:
Customer relationships	$	87.5		$	87.5
Accumulated amortization		(76.2	)		(74.8	)
Other intangible assets		42.5			42.3
Accumulated amortization		(32.0	)		(30.1	)
		21.8			24.9
Intangible assets not subject to amortization		2.3			2.3
Prepaid and other assets		40.9			44.3
Operating lease right-of-use assets		78.1			84.2
Nonqualified savings plan investments		70.1			59.4
Debt issuance costs, net		6.1			7.2
Deferred tax assets		30.0			41.9
	$	249.3		$	264.2

Note 5 – Accounts Payable and Accrued Liabilities

The following table summarizes the Company’s Accounts payable and accrued liabilities balances:


(in millions)	February 28, 2026		August 31, 2025
Trade payables	$	230.5	$	264.0
Accrued payroll and related liabilities		158.3		169.0
Other accrued liabilities		94.4		113.9
Operating lease liabilities		78.2		84.9
Accrued warranty		19.1		19.9
	$	580.5	$	651.7

Note 6 – Accrued Warranty

The following table summarizes the Company’s Accrued warranty activity:


	Three months ended February 28,						Six months ended February 28,
(in millions)	2026			2025			2026			2025
Balance at beginning of period	$	19.8		$	23.8		$	19.9		$	23.8
Charged to cost of revenue, net		1.3			2.0			4.3			3.8
Payments		(2.1	)		(1.8	)		(5.1	)		(3.3	)
Currency translation effect		0.1			—			—			(0.3	)
Balance at end of period	$	19.1		$	24.0		$	19.1		$	24.0

Note 7 – Debt, net

Recourse debt is debt where the lender may pursue repayment beyond the value of any pledged collateral and is generally secured by general assets of the Company. Non-recourse debt is debt where the lender’s ability to pursue repayment from the Company is limited to the value of the specific assets collateralized by the debt.

The following table summarizes the Company’s recourse and non-recourse debt balances:


(In millions)	February 28, 2026			August 31, 2025
Corporate and other — Recourse:
Revolving credit facilities
North America	$	—		$	5.0
Europe		100.7			77.6
Mexico		5.0			70.0
		105.7			152.6
Corporate senior term debt		243.8			250.0
2.875% Convertible senior notes, due 2028		373.8			373.8
Other notes payable		2.7			1.4
		726.0			777.8
Debt discount and issuance costs		(5.5	)		(6.6	)
Debt, net — Recourse		720.5			771.2

Lease fleet and other – Non-recourse:
Leasing warehouse credit facility		—			222.3
Leasing senior term debt		302.1			308.2
Leasing GBXL I asset-backed term notes		748.5			456.2
European debt		3.5			—
		1,054.1			986.7
Debt discount and issuance costs		(11.9	)		(7.0	)
Debt, net — Non-recourse		1,042.2			979.7
Total Debt, net	$	1,762.7		$	1,750.9

Corporate and other – Recourse

North American revolving credit facility

As of February 28, 2026, a $600.0 million revolving line of credit existed to provide working capital and interim financing of equipment, principally for the Company’s U.S. and Mexican operations. The North American credit facility is secured by substantially all the Company's U.S. assets not otherwise pledged as security for term loans, the warehouse credit facility, or the railcar asset-backed securities. The North American credit facility had $373.7 million available for borrowing as of February 28, 2026. Available borrowings under the credit facility are generally based on defined levels of eligible inventory, receivables, property, plant and equipment and leased equipment, as well as total

debt to consolidated capitalization and fixed charges coverage ratios. Outstanding commitments under the North American credit facility included letters of credit which totaled $30.2 million and $5.4 million as of February 28, 2026 and August 31, 2025, respectively. Advances under the North American credit facility bear interest at the Secured Overnight Financing Rate (SOFR) plus 1.50% plus 0.10% as a SOFR adjustment or Prime plus 0.50% depending on the type of borrowing. The North America credit facility matures in May 2030.

European revolving credit facilities

As of February 28, 2026, lines of credit totaling $135.8 million, secured by certain of the Company’s European assets, were available for working capital needs of the Company’s European manufacturing operations. The European credit facilities had $35.1 million available for borrowing as of February 28, 2026. The European lines of credit include $60.3 million which is guaranteed by the Company. The European credit facilities have variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.10% to WIBOR plus 1.30% and Euro Interbank Offered Rate (EURIBOR) plus 1.00% to EURIBOR plus 1.90%. The European credit facilities are regularly renewed and currently have maturities that range from June 2026 through November 2027.

Mexican revolving credit facilities

As of February 28, 2026, the Company’s Mexican railcar manufacturing operations had lines of credit totaling $156.0 million for working capital needs, $56.0 million of which the Company and its joint venture partner have each guaranteed 50%. The Mexican credit facilities had $151.0 million available for borrowing as of February 28, 2026. Advances under these facilities bear interest at variable rates that range from SOFR plus 1.96% to SOFR plus 4.25%. Currently, the Mexican credit facilities have maturities that range from June 2026 through March 2027.

Lease fleet and other – Non-recourse

Leasing warehouse credit facility

As of February 28, 2026, a $450.0 million non-recourse warehouse credit facility existed to support the operations of the Company's leasing business in North America. Advances under this facility are secured by a pool of leased railcars and bear interest at SOFR plus 1.70%. The warehouse credit facility converts to a term loan in September 2027 and matures in September 2029.

Leasing GBXL I asset-backed term notes

GBX Leasing 2022-1 LLC (GBXL I) was formed as a wholly owned special purpose entity of GBX Leasing to securitize the leasing assets of GBX Leasing. On February 4, 2026, GBXL I (Issuer) issued $300.0 million of term notes secured by a portfolio of railcars and associated operating leases and other assets, acquired and owned by GBXL I (the 2026 GBXL Notes). Issued debt of GBXL I as of February 28, 2026 also includes the GBXL I Series 2022-1 Notes and the GBXL I Series 2023-1 Notes, as described in Note 11 of our 2025 Annual Report on Form 10-K, and the 2026 GBXL Notes, collectively the GBXL Notes. GBX Leasing used a portion of the net proceeds received from the issuance of the term notes to pay down the Leasing warehouse credit facility.

The 2026 GBXL Notes include $280.4 million of GBXL I Series 2026-1 Class A Secured Railcar Equipment Notes (2026 Class A Notes) and $19.6 million of GBXL I Series 2026-1 Class B Secured Railcar Equipment Notes (2026 Class B Notes). The 2026 GBXL Notes bear interest at fixed rates of 5.13% and 5.30% for the 2026 Class A Notes and 2026 Class B Notes, respectively. The 2026 GBXL Notes are payable monthly, with a contractual maturity date of February 22, 2056 and an anticipated repayment date of February 21, 2033. While the contractual maturity date is in 2056, the cash flows generated from the railcar assets will pay down the 2026 GBXL Notes in line with the agreement, which based on expected cash flow payments, would result in repayment in advance of the contractual maturity date. If the principal amount of the 2026 GBXL Notes has not been repaid in full by the anticipated repayment date, then the Issuer will also be required to pay additional interest to the holders at a rate equal to 4.00% per annum.

The GBXL Notes are obligations of the Issuer only and are non-recourse to Greenbrier. The GBXL Notes are subject to a Master Indenture between the Issuer and U.S. Bank Trust Company, National Association, as trustee, as supplemented by the Series 2022-1 Supplement dated February 9, 2022, the Series 2023-1 Supplement dated November 20, 2023, and the Series 2026-1 Supplement dated February 4, 2026. The GBXL Notes may be subject to acceleration upon the occurrence of certain events of default.

The following table summarizes the Issuer's net carrying amount of the debt and related assets.


(in millions)	February 28, 2026		August 31, 2025
Assets
Restricted cash	$	28.5	$	7.6
Equipment on operating leases, net	$	935.0	$	609.7
Liabilities
Notes payable, net	$	738.9	$	449.6

European debt

In January 2026, the Company entered into a loan agreement with a commitment of up to $50.9 million to support the Company's European operations. The European debt is secured by a pool of leased railcars and is non-recourse to Greenbrier. The European debt bears interest at a rate of EURIBOR plus 3.50% and matures in January 2031.

Note 8 – Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (AOCL), net of tax effect as appropriate, consisted of the following:


(in millions)	Unrealized Gain (Loss) on Derivative Financial Instruments			Foreign Currency Translation Adjustment			Other			AOCL
Balance, November 30, 2025	$	9.4		$	(36.4	)	$	(2.9	)	$	(29.9	)
Other comprehensive income (loss) before reclassifications		7.3			8.5			(0.4	)		15.4
Amounts reclassified from AOCL		(3.2	)		—			—			(3.2	)
Balance, February 28, 2026	$	13.5		$	(27.9	)	$	(3.3	)	$	(17.7	)

         (in millions)

GREENBRIER COMPANIES INC 10-Q